Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,088,865) $ (139,216,221)
Adjustments to reconcile net income to net cash provided by operating activities:    
Income from discontinued operations 0 (11,899,714)
Depreciation and amortization 115,924 101,515
Interest expense 0 3,551,022
Provision expense for notes receivable 220,875 0
Loss on sale of Emir Oil 0 127,147,771
Changes in operating assets and liabilities    
Increase in prepaid expenses and other assets 1,616,915 (1,542,873)
Decrease in accounts payable (4,645,510) (748,777)
Decrease in taxes payables and accrued liabilities 11,071 4,817,730
Net cash used in operating activities - continuing operations (5,769,590) (17,789,547)
Net cash provided by operating activities - discontinued operations 0 33,067,626
Net cash (used in)/ provided by operating activities (5,769,590) 15,278,079
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in short term notes receivable 0 (66,150)
Proceed from sale of Emir Oil 0 159,601,000
Purchase of other fixed assets 0 (153,307)
Net cash provided by investing activities - continuing operations 0 159,381,543
Net cash used in investing activities - discontinued operations 0 (23,126,407)
Net cash provided by investing activities 0 136,255,136
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment related to redemption of convertible notes 0 (61,400,000)
Cash paid for convertible notes coupon 0 (4,546,796)
Decrease in taxes payables and accrued liabilities (23,139,157) (43,002,498)
Intercompany advances (1) 0 6,303,531
Net cash used in financing activities - continuing operations (23,139,157) (102,645,763)
Net cash used in financing activities - discontinued operations (2) 0 (6,623,936)
Net cash used in financing activities (23,139,157) (109,269,699)
NET CHANGE IN CASH AND CASH EQUIVALENTS (28,908,747) 42,263,516
NET CHANGE IN CASH AND CASH EQUIVALENTS from discontinuing operations 0 3,317,283
NET CHANGE IN CASH AND CASH EQUIVALENTS from continuing operations (28,908,747) 38,946,233
CASH AND CASH EQUIVALENTS at beginning of period 39,372,278 426,045
CASH AND CASH EQUIVALENTS at end of period 10,463,531 39,372,278
Reconciliation of cash and cash equivalents at end of period to Condensed Consolidated Balance Sheets    
Cash and cash equivalents 10,463,531 3,370,177
Restricted cash 0 36,002,101
Non-Cash Investing and Financing Activities    
Transfer of inventory and prepayments for materials used in oil and gas projects to oil and gas properties 0 1,198,675
Depreciation on other fixed assets capitalized as oil and gas properties 0 479,227
Cash distribution accrued and not yet paid 8,613,665 15,016,556
Supplemental cash flow information    
Cash paid for interest $ 0 $ 4,200,000